Brookfield Reinsurance Announces Voting Results from Shareholder Meeting
22 Juillet 2024 - 10:56PM
Brookfield Reinsurance (NYSE, TSX: BNRE, BNRE.A) today announced
the approval of all items of business at the company’s annual
general and special meeting of shareholders. The meeting was held
earlier today in a virtual meeting format.
All five nominees proposed for election to the
board of directors by holders of class A exchangeable limited
voting shares (“class A shares”) and all five nominees proposed for
election to the board of directors by the holder of class B limited
voting shares (“class B shares”) were elected. Detailed results of
the vote for the election of directors are set out below.
Management received the following proxies from
holders of class A shares in regard to the election of the five
directors nominated for election by this shareholder class:
Director Nominee |
Votes For |
% |
Votes Withheld |
% |
Soonyoung Chang |
9,739,424 |
99.60% |
38,826 |
0.40% |
William Cox |
9,208,673 |
94.18% |
569,577 |
5.82% |
Michele Coleman Mayes |
9,707,972 |
99.28% |
70,278 |
0.72% |
Lars Rodert |
9,308,285 |
95.19% |
469,965 |
4.81% |
Anne Schaumburg |
9,613,706 |
98.32% |
164,544 |
1.68% |
|
Management received a proxy from the holder of
class B shares to vote all 24,000 class B shares for each of the
five directors nominated for election by this shareholder class,
being Barry Blattman, Gregory Morrison, Lori Pearson, Sachin Shah
and Jay Wintrob.
At the meeting, our company’s shareholders
approved a resolution authorizing the change of our name from
“Brookfield Reinsurance” to “Brookfield Wealth Solutions” at a time
to be determined by the board.
Shareholders also approved bye-law amendments
designed to simplify and enhance our capital structure, including a
re-designation of our class A-1 exchangeable non-voting shares into
class A shares of our company and related changes to the terms of
the class A shares that will result in no shareholder having the
power to vote more than 9.9% of the class A shares, regardless of
economic ownership. We currently anticipate implementing the
bye-law amendments during the third fiscal quarter of 2024 and will
provide at least 5 days’ advance notice of the effective date by
press release.
Shareholders further approved an escrowed stock
plan of the company. Brookfield Reinsurance and Brookfield
Corporation have each received exemptive relief (as described in
our management information circular available through the SEC’s
website at http://www.sec.gov, on Brookfield Reinsurance’s SEDAR+
profile at www.sedarplus.ca and on Brookfield Reinsurance’s website
at bnre.brookfield.com) from the Ontario Securities Commission, as
principal regulator, in connection with implementation of the
escrowed stock plan.
All other matters put forth at the meeting were
approved by shareholder vote and a summary of all votes cast by
shareholders represented at the company’s annual general and
special meeting of shareholders is available electronically on
EDGAR on the United States Securities and Exchange Commission’s
website at www.sec.gov or on Brookfield Reinsurance’s SEDAR profile
at www.sedarplus.ca.
About Brookfield
Reinsurance
Brookfield Reinsurance Ltd. (NYSE; TSX: BNRE,
BNRE.A) is a leading wealth solutions provider, focused on securing
the financial futures of individuals and institutions through a
range of wealth protection and retirement services, and tailored
capital solutions. Each class A exchangeable limited voting share
and each class A-1 exchangeable non-voting share of Brookfield
Reinsurance are exchangeable on a one-for-one basis with a class A
limited voting share of Brookfield Corporation. (NYSE/TSX: BN).
For more information, please visit our website
at bnre.brookfield.com.
Media:Kerrie McHugh Tel: (212) 618-3469Email:
kerrie.mchugh@brookfield.com |
Investor Relations: Rachel Schneider Tel: (416)
369-3358 Email: rachel.schneider@brookfield.com |
|
Forward Looking Statements
This news release and any related oral
statements made by our representatives may contain “forward-looking
information” within the meaning of Canadian provincial securities
laws, “forward-looking statements” within the meaning of Canadian
provincial securities laws and “forward-looking statements” within
the meaning of the U.S. Securities Act of 1933,
the U.S. Securities Exchange Act of 1934, and “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995 and in any applicable Canadian
securities regulations. Forward-looking statements include
statements that are predictive in nature, depend upon or refer to
future events or conditions, include statements which reflect
management’s expectations regarding the operations, business,
financial condition, expected financial results, performance,
prospects, opportunities, priorities, targets, goals, ongoing
objectives, strategies and outlook of Brookfield Reinsurance,
Brookfield Corporation and their respective subsidiaries, as well
as the outlook for North American and international economies for
the current fiscal year and subsequent periods. In particular,
statements regarding the timing and impact of the matters approved
by shareholders on our capital structure and statements about our
intentions to change the name of our company constitute forward
looking statements. In some cases, forward-looking statements can
be identified by the use of forward-looking terminology such as
“expects,” “anticipates,” “plans,” “believes,” “estimates,”
“seeks,” “intends,” “targets,” “projects,” “forecasts” or negative
versions thereof and other similar expressions, or future or
conditional verbs such as “may,” “will,” “should,” “would” and
“could.”
Although we believe that our anticipated future
results, performance or achievements expressed or implied by the
forward-looking statements and information are based upon
reasonable assumptions and expectations, the reader should not
place undue reliance on forward-looking statements and information
because they involve known and unknown risks, uncertainties and
other factors, many of which are beyond our control, which may
cause the actual results, performance or achievements
of Brookfield Reinsurance or Brookfield Corporation to
differ materially from anticipated future results, performance or
achievement expressed or implied by such forward-looking statements
and information.
Readers are urged to consider these risks, as well
as other uncertainties, factors and assumptions carefully in
evaluating the forward-looking statements and are cautioned not to
place undue reliance on such forward-looking statements, which are
based only on information available to us as of the date of this
news release. Except as required by law, Brookfield Reinsurance
undertakes no obligation to publicly update or revise any
forward-looking statements, whether written or oral, that may be as
a result of new information, future events or otherwise.
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